Offer to purchase question

[Dark Agent]

Lol! Follow the right channels, and you get it! Listen to my advise! Its for free! Its facts

I did that, got 50% off the bond fees and also confirm I be getting 50% back in ebucks which I will sell on this forum for 15% more.

So a saving of R16800 in cost(at eBucks rate of 10cent). If pay off the bond in 5 years then it be as if the bond originator got me the bond at 6.25%. Absa gave a good second rate(6.67%) and Standard Bank was willing neg.
FNB offered a prime - 1% but wanted a deposit of 15% or 5% to waive the insurance requirement. Fixed rate 8.11% but lose the flexi bond.

 

[zerocool2009]

I must say.... my spot was registered 24 Nov. My deed is ready to be fetched. My last cash buy it took 6 months to be issued. This time 2 weeks! Wow

 

[zerocool2009]

I did that, got 50% off the bond fees and also confirm I be getting 50% back in ebucks which I will sell on this forum for 15% more.

So a saving of R16800 in cost(at eBucks rate of 10cent). If pay off the bond in 5 years then it be as if the bond originator got me the bond at 6.25%. Absa gave a good second rate(6.67%) and Standard Bank was willing neg.
FNB offered a prime - 1% but wanted a deposit of 15% or 5% to waive the insurance requirement. Fixed rate 8.11% but lose the flexi bond.

And if you pay off 15% capital in year 1, let them lock it in, they will review your rate (and the odds are great... another rate cut)



Glad to hear some guys use my advice

 

[Dark Agent]

We are both FNB clients for years and they wouldn’t give us a 100% loan so in our case going with a bond originator was better. He gave us advice about our risk assessment that we wouldn’t have known if we went direct. This advice just depends on your circumstances IMHO.

I was initially offered 5% deposit, then I send through another bank quote and they got it to 100% but with required credit life insurance. Then I requested multiple options and they came back with multiple quotes.

It is a bit more work going directly then through a bond originator. Depending on the amount of bond.

 

[PotatoGuardian]

I was initially offered 5% deposit, then I send through another bank quote and they got it to 100% but with required credit life insurance. Then I requested multiple options and they came back with multiple quotes.

It is a bit more work going directly then through a bond originator. Depending on the amount of bond.

This is not the first time FNB hasn't offered me a 100% bond. The bond we applied for was over 3mil which apparently is tougher to get 100%. I also currently earn a salary in a foreign currency which FNB explicitly said was the reason for their decision. They weren't willing to take the risk that the Rand strengthens rolleyes.

We definitely did send through other banks offers but they weren't willing to budge based on the above

 

[Dark Agent]

This is not the first time FNB hasn't offered me a 100% bond. The bond we applied for was over 3mil which apparently is tougher to get 100%. I also currently earn a salary in a foreign currency which FNB explicitly said was the reason for their decision. They weren't willing to take the risk that the Rand strengthens rolleyes.

We definitely did send through other banks offers but they weren't willing to budge based on the above

Make sense. My amount was R900k so was really small.

 

[zerocool2009]

This is not the first time FNB hasn't offered me a 100% bond. The bond we applied for was over 3mil which apparently is tougher to get 100%. I also currently earn a salary in a foreign currency which FNB explicitly said was the reason for their decision. They weren't willing to take the risk that the Rand strengthens rolleyes.

We definitely did send through other banks offers but they weren't willing to budge based on the above

On what package are you with FNB? PC or Wealth?

 

[PotatoGuardian]

Make sense. My amount was R900k so was really small.

My first bond a few years ago was 900k (which wasn't small for me at the time!) and FNB still wouldn't offer me 100% and that time I was full time employed for a really well known SA company. But I've always lived life with close to 0 debt except a credit card that I fake use and payback ASAP so maybe that's why

 

[zerocool2009]

My first bond a few years ago was 900k (which wasn't small for me at the time!) and FNB still wouldn't offer me 100% and that time I was full time employed for a really well known SA company. But I've always lived life with close to 0 debt except a credit card that I fake use and payback ASAP so maybe that's why

Learn how debt (as in good debt) can increase your portfolio in assets!

 

[PotatoGuardian]

Learn how debt (as in good debt) can increase your portfolio in assets!

Yeh no thanks. The credit card is all I'm willing to pretend I spend on, don't even have a cell phone contract and I like it that way. My credit score is really good, so I don't care. If we didn't get this house it wouldn't have made a difference to me as I am not buying property as an investment (not for me). I prefer to live debt free as far as possible (bond is the only thing I am willing to budge on) and invest my money elsewhere.

I'm genuinely not fussed that FNB denied me, just disappointing but whatevs

 

[Dark Agent]

On what package are you with FNB? PC or Wealth?

Private Client, Debt ratio is pretty high(1/3) but good credit score.

 

[powermzii]

Last few items left...

 

[zerocool2009]

Last few items left...

View attachment 973606

From lodging.... to 10 working days if the 3 examiners dont find an issue! Cross fingers for you

 

[powermzii]

From lodging.... to 10 working days if the 3 examiners dont find an issue! Cross fingers for you

Thank you - definitely a 2021 end Jan thing then

 

[t_girl]

Hey all, I’m a first time buyer - this thread has been very helpful so far so thanks for all the tips - and I’m in the process of bond application. A few people have mentioned that if you have the same attorney for bond and transfer they might give you a discount on costs. How do you get your bank to use the same attorney for the bond as the one the seller chose for the transfer?

 

[zerocool2009]

Hey all, I’m a first time buyer - this thread has been very helpful so far so thanks for all the tips - and I’m in the process of bond application. A few people have mentioned that if you have the same attorney for bond and transfer they might give you a discount on costs. How do you get your bank to use the same attorney for the bond as the one the seller chose for the transfer?

The law says the seller can choose the transport attorney. In short, you can always ask. If you bank via FNB, and go via NAV, you will save on 50% on the bond costs. Transport attorneys must be on the banks panel too. So I would start with:

1. As the seller or agent can you choose the transport leg.99% they would say no. As agents helps the transport attorneys to with work.
2. If they say yes, find out who the bank will use for the bond transaction, and ask if they do transports too.

As easy as that.

I know if attorneys do both sides, you can be guaranteed of discount

 

[t_girl]

The law says the seller can choose the transport attorney. In short, you can always ask. If you bank via FNB, and go via NAV, you will save on 50% on the bond costs. Transport attorneys must be on the banks panel too. So I would start with:

1. As the seller or agent can you choose the transport leg.99% they would say no. As agents helps the transport attorneys to with work.
2. If they say yes, find out who the bank will use for the bond transaction, and ask if they do transports too.

As easy as that.

I know if attorneys do both sides, you can be guaranteed of discount

Ah ok. Thanks for the info. The transport attorney was pre-selected by the seller/developer so don’t have that option. I guess I’ll just have to hope that attorney is on the bank’s panel.

 

[zerocool2009]

Ah ok. Thanks for the info. The transport attorney was pre-selected by the seller/developer so don’t have that option. I guess I’ll just have to hope that attorney is on the bank’s panel.

Will pm you

 

[Toxxyc]

Alrighty. I made a verbal offer to the owner today over a friendly chat. I informed him I have pre-approval for a lower amount than I know he wants, and he said he'll speak to a property valuation agent he knows to get numbers, and then we'll talk. I decided that if he gives me the house for R1.2 I will sell my car to make that payment. I want this place. My pre-approval amount on my salary alone is R1.139 so it's not too far fetched.

I also told him I don't want to lose what I have pushed into this place (must be around R60k to date) and I'll take the place from him as-is and fix the existing issues on my cost (around R50k's issues), ranging from roof supports to leaking taps, and the absolute need for insulation in the roof.

Now we wait and see what happens.

 

[Marsie27]

Alrighty. I made a verbal offer to the owner today over a friendly chat. I informed him I have pre-approval for a lower amount than I know he wants, and he said he'll speak to a property valuation agent he knows to get numbers, and then we'll talk. I decided that if he gives me the house for R1.2 I will sell my car to make that payment. I want this place. My pre-approval amount on my salary alone is R1.139 so it's not too far fetched.

I also told him I don't want to lose what I have pushed into this place (must be around R60k to date) and I'll take the place from him as-is and fix the existing issues on my cost (around R50k's issues), ranging from roof supports to leaking taps, and the absolute need for insulation in the roof.

Now we wait and see what happens.

i am confused - so many buyers, so many issues. Is this the place in a deceased estate in really bad shape with sitting tenants? Or did that one fall by the wayside?